Am I getting screwed by Scottrade?

N

NoBailOutBoy

I've been out of the market since 2002, my last broker was "My Discount Broker, if anybody can remember them (kind of like 8 Track Tapes).
Any way, I've just started a new Cash Account with Scottrade and I'm dealing with a "3 Day Settlement Period" under the guise of "Regulation T". Are all of the brokers pulling this stunt or is there one out there you can recommend?
I'm Not a "Pattern Day Trader" and I don't need a margin account.
Thanx, Doug

PS; I don't have $25K either.
 
My Discount Broker, lol.

Just sign up for the margin account and don't use it if you don't need it. Then the problem is solved.
 
Quote from NoBailOutBoy:

I've been out of the market since 2002, my last broker was "My Discount Broker, if anybody can remember them (kind of like 8 Track Tapes).
Any way, I've just started a new Cash Account with Scottrade and I'm dealing with a "3 Day Settlement Period" under the guise of "Regulation T". Are all of the brokers pulling this stunt or is there one out there you can recommend?
I'm Not a "Pattern Day Trader" and I don't need a margin account.
Thanx, Doug

PS; I don't have $25K either.
More...

I don't see how you could possibly get screwed by a guy flying around in a helicopter. These things just don't happen in our world.
 
There's always a 3-day settlement period for stocks. Reg T says that if you have a cash account, you can only trade with settled funds.

If your broker doesn't enforce this, they will get fined. http://www.finra.org/Newsroom/NewsReleases/2004/p002846

If, instead, you have a margin account, the broker will lend you money so that, after you close a position, the money becomes available immediately.
 
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